Design firms throughout the region continue to suffer the pains of the recession, but some see signs of relief on the horizon. As with 2009, designers saw a dribble of work flow from private-sector clients last year as financing remains elusive. But ongoing public-sector and institutional clients continue to buoy the market for many firms. Public money is drying up fast, but some executives at local design firms are hopeful that a surge in private work could keep revenue flowing.
On paper, 2010 appears to have been a steady year for top firms. The top 50 firms on ENRNew York's Top Design Firms list, which ranks firms by revenue in New York, New Jersey and Connecticut, report a combined $3.5 billion in revenue for 2010, up slightly from $3.4 billion in 2009. However, much of that improvement can be attributed to a jump in revenue by AECOM, New York, which now includes some design-related fees through Tishman Construction in its tally. AECOM acquired the firm in July, which helped its tally nearly double to $803 million in 2010 from $402 million in 2009. Removing AECOM from the equation reveals a slight revenue drop last year for top firms.